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Market Chatter: GE Vernova Signs Deal to Help Rebuild Venezuela's Ailing Power Grid

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GE Vernova (GEV) has agreed to help repair and rebuild large parts of Venezuela's electricity grid as part of a series of energy deals being promoted by the Trump administration to revive the country's oil, gas and power sectors, Bloomberg reported on Wednesday, citing sources.

The agreement, expected to be formally announced on Wednesday, includes plans to restore several gigawatts of generating capacity.

Venezuela's power system has deteriorated sharply over the past two decades, with frequent blackouts and aging infrastructure limiting electricity supply. Energy experts estimate that at least $25 billion in investment is required to overhaul Venezuela's electricity sector.

Ben Dietderich, a spokesperson for the US Department of Energy, said Energy Secretary Chris Wright is currently in Caracas overseeing the signing of several multibillion-dollar oil, gas and electricity agreements aimed at expanding Venezuela's energy production and modernizing its power infrastructure.

The deals are expected to more than double Venezuela's oil production within five years while supporting upgrades to its electricity grid, Dietderich said. GE Vernova did not immediately respond to a request for comment from.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: $914.95, Change: $+16.42, Percent Change: +1.83%

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